Coinbase Enters India, Registers with FIU Ahead of Retail Launch
Coinbase, the leading cryptocurrency exchange, has taken a significant step towards entering the Indian stock market today. The company has registered with India's Financial Intelligence Unit (FIU), paving the way for it to offer trading services in the country. This move aligns with Coinbase's international expansion strategy and reflects India's growing significance in the global blockchain landscape.
Coinbase's regional managing director for the Asia-Pacific region, John O'Loghlen, has expressed enthusiasm about India's potential. He considers it one of the most exciting market opportunities globally. This optimism is backed by India's rapid emergence as a global technology and blockchain hub. The country's share of global blockchain developers has surged from a mere 3% in 2018 to a substantial 12% in 2023.
Coinbase's registration with the FIU underscores its commitment to regulatory compliance. The company aims to expand its presence in India by initially offering retail services later this year. Paul Grewal, Coinbase's chief legal officer, has further demonstrated the company's dedication to international cooperation by joining the board of the U.S.-India Business Council (USIBC).
Coinbase's registration with the FIU and its plans to enter the Indian stock market reflect the country's growing influence in the global blockchain scene. As one of the world's most dynamic markets for crypto and onchain innovation, India presents a significant opportunity for Coinbase's expansion. The company's commitment to regulatory compliance and international cooperation bodes well for its potential success in this promising market.
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